United Bank of India has received its board’s approval to raise up to Rs 500 crore via BASEL III Bonds. The bank will issue and allot Unsecured, BASEL III Compliant, Listed, Tier-2 Bonds in the form of promissory note of the Face Value of Rs 10 lakh each, with or without Green Shoe Option on private placement basis. The bank’s board gave approval for the same at its meeting held on July 12, 2017.
United Bank of India is one of the 14 major banks, which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.
